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PhotoChannel Networks Inc. (PN.V) Reports Record 3rd Quarter Revenue

PhotoChannel Networks Inc. (PN.V) is a leading provider of digital photo finishing solutions, specifically the processing, storing, uploading, and sending of digital photos to retailers for printing. In addition, the company can provide retailers with a comprehensive digital photo finishing offering, including online, at home, in store kiosks, and mobile solutions.

Over the past few years, PhotoChannel has acquired a number of significant retailers as partners. The company’s partners in the US include: Kmart, Costco, Sam’s Club, and CVS Pharmacy. In Canada, the company’s partners include: Walmart, Costco, Loblaw, and Shoppers Drug Mart. The company’s partners internationally include: Tesco, Boots, Kodak, Hallmark, Kmart, and Asda (Walmart).

PhotoChannel reported its financial results for the three and nine-month periods ended June 30, 2008 on August 26, 2008. The company reported record revenues (results are stated in Canadian dollars). For the quarter ended June 30, 2008 the company reported an increase in gross revenues of 231%, as compared to the same period of 2007, to over $4.2 million. For the nine months ended June 30, 2008 the company reported an increase in gross revenues of 186%, as compared to the same period in 2007, to more than $11.77 million.

PhotoChannel’s CEO Peter Fitzgerald stated, “We remain confident that 2008 is a turning point for PhotoChannel as we accelerate revenues from our new and existing retail partners and expect strong growth resulting in continued record revenue and transaction volumes. With the launch of our new customers we are now cash flow positive and fully believe that this will continue going forward.”

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